706 Estate Tax Preparation Plan 

Federal Estate Tax Return (Form 706)

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We collaborate with your firm to prepare 706 Federal Estate Tax returns. We utilize Gillett Estate Management Suite (GEMS) software in the cloud. 

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Our 706 Federal Estate Tax Return includes obtaining appraisals and valuations of assets, preparation of following:

• Schedule J: Funeral expenses and expenses incurred in administering property subject to claims

• Schedule K: Debts of the decedent, and mortgages and liens. 

• Schedule L: Net losses from theft, fire, storms if not reimbursed by insurance, during administration and expenses incurred in administering property not subject to claims

• Schedule M: Allowable marital deductions which are bequests to the surviving spouse

• Schedule O: Qualified charitable, public, and similar gifts and bequests

• Schedule U: Qualified conservation easement exclusion of land owned 3 years prior to death

• Schedule R (estate): Calculate Generation Skipping Tax (GST) and preparation of GST exempt and GST non-exempt trust documents for Schedule R

• Schedule R-1 (trustee or other fiduciary): Calculate GST tax owed on certain direct skips from a trust of a person two or more generations below the transferor 

• IRS Form 4768: Application for Extension of Time to File

• IRS Form 2848: Power of Attorney and Declaration of Representative

• IRS Form 8971: Information Regarding Beneficiaries Acquiring Property from a Decedent which is filed within 60 days after filing tax return. Be aware of the update to where to file address effective 06 August 2024.